Tobin Endowment agrees to sell land

SAN ANTONIO — The Tobin Endowment said Wednesday it has agreed to sell about 43 acres of land to David Weekley Homes to create a housing development and benefit the endowment's charitable purposes.

The sale preserves the original house designed by the late philanthropist Robert L. B. Tobin, along with the three surrounding acres. Converted to offices for the Tobin Endowment in 1999, the Tobin house will continue to be owned by the endowment and serve as its offices.

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The Tobin Estate originally comprised some 500 acres, endowment Chairman and Trustee Bruce Bugg said. In 1977, Robert Tobin formed Oakwell Farms Corp. to develop “Oakwell Farms” as a master-planned community. During his lifetime, Tobin developed and sold about 450 acres for single-family and multi-family residences and offices.

In 2002, the Tobin Endowment donated 81 acres of other Tobin property along Salado Creek to the city of San Antonio to create Robert L. B. Tobin Park, which was augmented by an additional 40 acres acquired by the City.

“In the years since Tobin Park was created, the value of the remaining real estate, with its location in north-central San Antonio inside Loop 410, has increased greatly, especially since the economic renaissance in the area during the last few years,” Bugg said.

“We had no choice but to sell the property in order to satisfy our fiduciary duty to make trust property productive. Therefore, we are taking this action to grow the endowment's assets in order to increase our capacity to make charitable gifts, which is the reason Robert created the Tobin Endowment in the first place,” Bugg said.

Since April 26, 2000, following Robert Tobin's death, the Tobin Endowment has donated more than $53 million in charitable grants to a range of nonprofit entities, mostly in the San Antonio area, including a $15-million gift for the Tobin Center for the Performing Arts.

The entire 46-acre property, including his house, was zoned in 1987 for commercial/office and multi-family development, Bugg said.

“Robert Tobin made the bequest of the 46 acres, including his home, on an unrestricted basis to the endowment to allow future disposition options that were in the best interests of the Tobin Endowment,” he said.